Ignite FB Tracking PixelFactors to Consider Before You Accept an Offer to Purchase - Garrett W Burdick
Factors to Consider Before You Accept an Offer to Purchase

by Garrett W Burdick 03/12/2019

If you receive an offer to purchase your home, you may have only a limited amount of time to decide whether to accept this proposal. As such, there are several factors you'll want to consider to determine whether to approve an offer to purchase your home. These factors include:

1. The Price of Your Home

If you established a competitive initial asking price for your home, you should have no trouble determining whether an offer to purchase falls in line with your expectations. Thus, if an offer to purchase your home is at or above your residence's initial asking price, you may want to accept a buyer's proposal and move forward with a house sale.

Of course, if an offer to purchase your house falls below your residence's initial asking price, you should still evaluate the proposal closely. If you feel the offer to purchase is the best proposal you might receive, you may want to accept it.

2. The Current State of the Local Housing Market

Examine the current state of the local housing market – you'll be glad you did. If you discover you are operating in a buyer's or seller's market, you can assess an offer to purchase your home accordingly.

If you find a buyer's market is in place, you may be more inclined than ever before to accept a competitive offer to purchase your home. Because in this market, the number of sellers exceeds the number of buyers, and rejecting a homebuying proposal does not guarantee you will receive better offers to purchase in the near future.

Comparatively, if a seller's market is in place, you may want to take a wait-and-see approach to any offers to purchase your residence. In this market, the number of buyers exceeds the number of quality houses available. As a result, you may receive dozens of offers to acquire your residence if you wait for the local housing market to develop.

3. Your Home Selling Goals

You should feel good about accepting an offer to purchase your house. Therefore, if an offer to purchase enables you to achieve your home selling goals, you may want to accept it sooner rather than later. By doing so, you can take the next step to finalize your house sale.

As you debate how to proceed with an offer to purchase your house, you may want to consult with a real estate agent too. This housing market professional may be able to offer housing market insights that you won't find anywhere else. Plus, he or she can provide honest, unbiased home selling recommendations. And if you ultimately decide to accept an offer to purchase your residence, a real estate agent can guide you along the final stages of the property selling journey.

There is no reason to settle for a subpar offer to purchase your house. But if you consider the aforementioned factors, you can make an informed decision about whether to accept, reject or counter a homebuying proposal.

About the Author

Author
Garrett W Burdick

Garrett Burdick is a Real Estate Professional and has demonstrated repeated success as an entrepreneur whose innovation, proficiency, and out-of-the-box thinking have all earned him the reputation as a seasoned strategist across multiple industries. Over the course of a decade, he has cultivated extensive knowledge in real estate. Garrett, a licensed Real Estate Agent has joined a prominent brokerage Vanguard Properties in Marin County to offer real estate services for sellers and buyers. With several years as a Real Estate Professional he is equipped with local marketplace familiarity and renovation expertise. Ultimately, Garrett is on a mission to offer a top-tier, seamless, and stress-free transaction to each and every client, and serve as their trusted ally during one of the largest investments they will ever make in their lifetime.

Outside of his career, Garrett is an avid professional photographer who owns Birdman Inc Locations Services and Buzz Photo Booths. He even has a culinary background as a Culinary Institute of America graduate. Above all, he cherishes spending quality time with his loved ones in San Rafael. He is happily married to his wife Tanya, and they are the proud parents of two amazing San Rafael High School boys, Walker and Cooper. Whether you’re seeking a new home or are a homeowner interested in selling your property, Garrett is here to help you turn your goal into a reality. Feel free to reach out to him at any time with your inquiries and he will be more than happy to answer your questions.